Templeton Releases Closed-End Funds' Portfolio Allocation Update

From:

Franklin Templeton Investments

Contact:

Franklin Templeton Investments

Telephone:

(800) 342-5236

Fort Lauderdale, Florida, October 25, 2005--The Templeton closed-end Funds referenced below, which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of September 30, 2005:

Asset Allocation

Ten Largest Positions/Portfolio Characteristics

International Allocation/Net Currency Distribution

Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.

Templeton closed-end Funds:

Templeton Dragon Fund, Inc. (NYSE: TDF)

Templeton Global Income Fund (NYSE: GIM)

Templeton Russia and East European Fund, Inc. (NYSE: TRF)

The Fund’s investment advisers are subsidiaries of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $452 billion in assets under management as of September 30, 2005. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is activelymanaged and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON GLOBAL INCOME FUND
AS OF SEPTEMBER 30, 2005
TOTAL NET ASSETS: $1,158,693,226
NET ASSET VALUE PER SHARE: $8.91

ASSET
ALLOCATION

PERCENT OF TOTAL NET ASSETS

PORTFOLIO CHARACTERISTICS

CASH & OTHER

2.5%

WEIGHTED AVG. CREDIT QUALITY

A+

FIXED INCOME

97.5%

WEIGHTED AVG. MATURITY

4 yrs.

EQUITY*

0.0%
========

WEIGHTED AVG. DURATION

3.52 yrs.

100.0%

WEIGHTED AVG. COUPON

6.313%

NET CURRENCY DISTRIBUTION

PERCENT OF TOTAL NET ASSETS

COUNTRY DISTRIBUTION

PERCENT OF TOTAL NET ASSETS

ASIA

30.0%

ASIA

32.3%

INDO RUPIAH

5.4%

INDONESIA

5.4%

MALAYSI RINGGIT

2.3%

MALAYSIA

2.3%

SOUTH KOREA WON

14.5%

PHILIPPINES

1.9%

SINGAPORE DOLLAR

2.6%

SINGAPORE

2.6%

THAILAND BAHT

5.6%

SOUTH KOREA

14.5%

AUSTRALIA/NEW ZEALAND

11.1%

THAILAND

5.6%

AUSTRALIAN DLR

5.2%

AUSTRALIA/NEW ZEALAND

9.7%

N ZEAL DOLLAR

5.8%

AUSTRALIA

5.2%

EUROPE

40.9%

NEW ZEALAND

4.5%

BRITISH POUND

0.1%

EUROPE

40.0%

DANISH KRONE

1.7%

AUSTRIA

1.7%

EURO MON UNIT

13.3%

BELGIUM

2.7%

NORWEGIAN KRONE

4.8%

DENMARK

1.7%

POLAND ZLOTY

7.9%

FINLAND

0.9%

SLOVAK KORUNA

4.7%

FRANCE

1.3%

SWEDISH KRONA

8.3%

GERMANY

1.4%

LATIN AMERICA

3.1%

GREECE

0.5%

PERU NUEVO SOL

3.1%

IRELAND

0.8%

NORTH AMERICA

14.5%

NETHERLANDS

0.5%

CANADIAN DOLLAR

6.7%

NORWAY

4.8%

US DOLLAR

7.8%

POLAND

7.9%

========

SLOVAK REPUBLIC

4.7%

TOTAL

100.0%

SPAIN

2.0%

SWEDEN

8.3%

UKRAINE

0.5%

UNITED KINGDOM

0.1%

LATIN AMERICA

8.5%

ARGENTINA

1.3%

BRAZIL

0.4%

MEXICO

1.1%

PERU

3.1%

VENEZUELA

2.5%

MID-EAST/AFRICA

0.2%

SOUTH AFRICA

0.2%

NORTH AMERICA

9.3%

CANADA

6.7%

UNITED STATES

2.5%

TOTAL

100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC.
AS OF SEPTEMBER 30, 2005
TOTAL NET ASSETS: $263,434,059
NET ASSET VALUE PER SHARE: $48.78

ASSET
ALLOCATION

PERCENT OF TOTAL NET ASSETS

TEN LARGEST POSITIONS

PERCENT OF TOTAL NET ASSETS

CASH & OTHER

7.2%

SBERBANK RF

13.6%

FIXED INCOME

0.0%

LUKOIL HOLDINGS

10.3%

EQUITY*

92.8%
=========

CHEREPOVETS MK SEVERSTAL

7.7%

100%

VOLGATELECOM

5.6%

UNIFIED ENERGY SYSTEMS

5.6%

EGIS RT

5.0%

TELEKOMUNIKACJA POLSKA SA

4.9%

MINING AND METALLURGICAL CO NORILSK NICKEL

4.8%

MOBILE TELESYSTEMS OJSC

4.0%

SIBIRTELECOM

3.9%
========

65.5%

INTERNATIONAL ALLOCATION

PERCENT OF PORTFOLIO NET ASSETS

INDUSTRY ALLOCATION

PERCENT OF PORTFOLIO NET ASSETS

EUROPE

100.0%

CONSUMER DISCRETIONARY

2.2%

CROATIA

3.1%

AUTOMOBILES & COMPONENTS

2.2%

HUNGARY

7.9%

CONSUMER STAPLES

1.7%

POLAND

5.2%

HOUSEHOLD & PERSONAL PRODUCTS

1.7%

RUSSIA

82.1%

ENERGY

19.5%

SWEDEN

1.7%

FINANCIALS

14.6%

TOTAL EQUITY

100.0%

BANKS

14.6%

HEALTH CARE

8.4%

PHARMACEUTICALS & BIOTECHNOLOGY

8.4%

INDUSTRIALS

0.5%

CAPITAL GOODS

0.5%

MATERIALS

17.3%

TELECOMMUNICATION SERVICES

27.1%

UTILITIES

8.7%

TOTAL EQUITY*

100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.